“Over the past week, we acquired 26,497 ETH,” Bitmine Immersion Technologies Chair, Tom Lee, said in a statement on Monday.

“In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring.”

As CoinTelegraph reports, Bitmine is the largest Ether treasury company with 5.4 million ETH worth more than $10.5 billion.

It had slowed its pace of buying earlier this month after scooping up more than 100,000 Ether a week for three straight weeks.

Lee told CNBC on Monday that there is disappointment in crypto at the moment because it hasn’t moved while other sectors like software are rallying, but argued that it “always happens at the end of crypto winter.”

Lee argued that the thesis for Bitcoin and Ethereum that he believes in still stands; that they are likely to be the future of money, despite the short-term price downturn across the market and some long-term holders and whales selling.

“As AI systems evolve, we’re now talking about using commerce and operating websites, you need decentralized identity and verification, and that’s really what crypto does,” he said. 

“We know Wall Street wants to go toward tokenization; it’s a vast improvement in efficiency of how money actually moves, and it’s an innovation. That only happens on Bitcoin, Ethereum and other smart contracts. The future isn’t changed.”  

Meanwhile, Bitcoin has tumbled to two-month lows, dramatically diverging from traditional equity markets’ recent surge…

Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph that some analysts have noted that Bitcoin is the only major asset in contraction right now, and the divergence is notable.

“It shows Bitcoin is trading more like a high-beta risk asset tied to macro sentiment rather than an independent hedge,” he added.  

“This gap highlights current weakness, but it also sets up potential for stronger relative performance once macro conditions improve. I view it as a temporary phase in the cycle, not a permanent shift.”

Analytics platform Santiment said on Monday that “the gap between traditional equities and crypto has become increasingly difficult for traders to ignore.” 

However, Santiment said that this pattern won’t last forever, and “mainstream influencers” discussing stock dominance over crypto is often a good sign that the crowd is leaning too far into the “equity FOMO and crypto FUD.” Markets generally move opposite to the majority of traders’ expectations, it added.

This most recent decline in bitcoin comes after Michael Saylor’s Strategy actually sold some of its holdings (admittedly a de minimus amount) and perhaps even more ominously, as CoinTelegraph reports, defunct Japanese crypto exchange Mt. Gox moved roughly $739 million worth of Bitcoin from its cold wallets early Tuesday, its first onchain movement in over two months, according to Arkham Intelligence data.

Blockchain data shows the exchange transferred 10,306 Bitcoin (BTC), worth approximately $730.8 million, from its cold wallet to an unmarked address at 4:47 am UTC.

The transferred Bitcoin is currently marked as “unspent” by Arkham. The exchange also made a separate transfer of 116.3 BTC, worth around $8.25 million, to its hot wallet at the same time, which is marked as “spent.”

The transferred Bitcoin being marked “unspent” means the funds are sitting in the new address and have not yet been sent anywhere further. On the other hand, “spent” means those funds have already been moved on again to another address.

The large movement has raised questions about whether creditor distributions are imminent, which could weigh on markets, as creditors who have waited over a decade to recover their funds may choose to sell once they receive their Bitcoin.

Bringing all of this together, Standard Chartered’s Geoffrey Kendrick sees opportunity in buying Ethereum against Bitcoin here, suggesting it’s only a matter of time before ETH catches up to improving internal metrics.

Internal metrics for Ethereum (ETH) continue to improve – transaction numbers and total value locked (measured in ETH terms) both remain close to all-time highs.

However, the ETH price continues to underperform in both absolute and relative terms – ETH-USD has fallen 57% from its August 2025 high to around USD 2,100, while ETH-BTC is down 37% over the same period.

Describing Amazon during the 2001 dot-com bust, Jeff Bezos said, “While the stock price was going the wrong way, everything inside the company was going the right way”.

We think the same applies to the current ETH price.

Similar to the Amazon example, we see significant scope for the ETH price to catch back up to internal metrics.

Ethereum is poised to benefit as traditional finance (TradFi) equivalents migrate to digital assets.

We project that stablecoin market cap will increase 6x from current levels by end-2028, and that the market cap of tokenised, non-stablecoin real-world assets (RWAs) will multiply 50x over the same period. Ethereum dominates both of these segments, with 50-65% of each underlying market being on Ethereum. These segments now account for more than half of the value locked on Ethereum.

As such, Kendrick reaffirms his ETH forecasts of USD 4,000 for end-2026 and USD 40,000 for end-2030. This would take ETH-BTC back to the 2021 highs around 0.08.

And Kendrick notes that yesterday saw the beginning of ETH outperformance relative to BTC.

The market reaction to MSTR’s sale of 32 BTC (a ridiculously small amount for MSTR to sell, given it still owns 843,706 BTC) was telling.

Specifically, on days where the BTC price falls, yesterday was one of the largest ETH-BTC topside moves of the past few years (there have been just 23 days since the start of 2024 more than yesterday).

The StanChart analyst highlights the larger moves in this chart:

Figure – ETH-BTC price moves on BTC down days (that are bigger than yesterday)

Further, MSTR’s selling (whilst small) highlights the different business models of the BTC DATs from the ETH DATs.

Specifically, because ETH has a 3% staking yield there is zero need for the ETH DATs to ever sell ETH (differently to the BTC DATs).

As such I would expect the mNAVs of the main ETH DATs to go back above that of MSTR (and a higher mNAV makes these businesses more sustainable).

I highlight the mNAV of BMNR and SBET here:

Figure – mNAV of BMNR and SBET v MSTR

Days like yesterday form important turning points for ETH-BTC.

Kendrick sees that cross back at 0.040 by year-end (from 0.028 today), even if (as is likely) MSTR this week buys a large multiple of the 32 BTC it sold last week.

Euro Area inflation topped 3% for the first time since September 2023, further cementing expectations for a rate hike when the ECB meets next week. 

Consumer prices rose 3.2% from a year ago in May, and up from 3% the previous month, in line expectations. But core inflation, which excludes volatile items like food and energy, jumped more than anticipated to 2.5% (technically 2.55%), while the closely watched services gauge jumped to 3.5%, the highest since last November, and non-energy industrial goods inflation printing at 0.87%YoY.

Energy inflation increased to 10.9%YoY, while food, alcohol and tobacco inflation fell to 1.97%YoY, notably below the weak 2.2%YoY Goldman was expecting.

“The acceleration of headline and core inflation in May cements the case for a 25 basis-point rate increase from the ECB next week. Those moves have been driven by services prices, which have probably been pushed up by pass-through from oil prices. That may be used by the hawks on the Governing Council to argue broad-based inflation requires a follow-up move in September” said Bloomberg economist David Powell.  

Incorporating the May flash release into the Euro area inflation path, but also accounting for the potential Easter-related nature of the outsized move in services which should not be fully persistent, Goldman’s medium-term path continues to show core inflation at a weak 2.5%yoy in 2026, peaking at 2.7%yoy in 2027Q2 before gradually declining to 2.0%yoy in 2028Q4, above the ECB staff March projections. As for headline inflation, Goldman expects it to peak at 3.4%YoY in Q4, using the bank’s latest baseline path for gas and oil prices.

The latest hot inflation print has cemented the ECB’s first rate hike since September 2023 on June 11, with officials appearing to conclude that they can no longer wait to respond to the fallout from the Middle East conflict. ECB rate hike odds are now at 98% on Polymarket. They’re worried chiefly about workers demanding steep pay rises and firms boosting selling prices, viewing such consequences as probably now inevitable as the war drags on.

Most policymakers, however, remain cautious on the path beyond June according to Bloomberg, as growth in the region’s 21-nation economy also takes a hit. Business activity shrank in May at the quickest pace since 2023.

ECB Executive Board member Isabel Schnabel, viewed as the most hawkish Governing Council member, suggested Monday that it’s too early to specify how many rate increases may be needed. Lithuania’s Gediminas Simkus has said a second move after June “is more likely than not,” though it’s unclear when.

“It’s quite important to react in a timely manner to this emerging inflationary environment so we can prevent a possible acceleration of inflation and the inflationary spiral, prevent it at its very beginning with the least possible impact on the economy,” Simkus said Tuesday in Vilnius.

His Finnish counterpart Olli Rehn described inflation expectations as still anchored so far, but said action is needed this month to keep prices under control. “While inflation risks have increased, a rate increase in June would be an insurance one, but not due to entrenched inflationary pressures,” he said in a speech.

Today’s CPI print should not have been a major surprise: data last week showed inflation gathering pace in three of the bloc’s biggest member states, and remaining well above the ECB’s 2% target in all of them. Propelled by the war-induced surge in energy costs, May readings for France, Italy and Spain quickened to 2.8%, 3.3% and 3.6%, while the headline number for Germany moderated to 2.7%.

We had to do a double take when the BLS reported today’s JOLTS job openings: with consensus expecting no change from last month’s print of 6.866MM, and near the lowest in two years, moments ago a flashing red headline revealed that in April the US added a stunning 731K jobs to 7.618 million, up from an upward revised 6.887 million, and up 520K from a year ago.

For context, this was a 9 sigma beat to expectations, the biggest beat in history.

WTF!?…  and how is this possible at a time when companies are mass laying off thanks to AI? Well, according to the BLS,the number of job openings increased in professional and business services (+668,000), and also rose in manufacturing, manufacturing, and – alas – government. Jobs stumbled in finance and insurance (-135,000). 

This was the biggest monthly increase in professional and business services by a huge margin. It wasn’t clear what exactly job category prompted this surge.

Meanwhile, the draining of the swamp appears to be officially over with government jobs jumping by 47K to 777K, the biggest monthly increase this year.

The historic surge in April job openings, coupled with the modest increase in unemployed workers means that after 9 months of labor surplus, there were 245K more job openings than unemployed workers in April, a reversal to the “deficit” regime observed since last July.

The surge in openings also means that after falling back to 0.9x in March, in April the ratio of job openings rose back to 1.0x and was the highest since January 2025.

But while the job openings number was a shock, this month we saw a reversal of last month’s surge in hires and quits, and in April both the number of Quits and Hires, tumbled once more. Specifically, hires plunged by 419K to 4.899 million, while quits – or the “take his job and shove it” indicator – plunged by 183K, or 5.8%, to 2.977 million, the lowest since 2020 and the biggest percentage drop since April 2025, as Americans are suddenly allergic to leaving their jobs on their own.

It goes without saying that a surge in job openings even as nobody is leaving their jobs, leads one to scratch their head just what is going on here, besides data massaging of course.

In any case, since this hires number feeds directly into the payrolls calculations (after netting out separations) this explains why the April payrolls report slumped to 115K from 185K in March. 

Overall, this was a shockingly strong JOLTS report – so strong in fact one wonders who at the BLS had a fat finger incident when calculating the professional and business services job openings, and shows that after some significant weakness in late 2025, US labor market has continued to stabilize in early 2026. Of course, the report also lags the payrolls report by a month, which is why it gives us little insight into what Friday’s jobs report will be. 

The Kremlin spent much of the last week warning foreign diplomats and bystanders to evacuate Ukraine’s capital, warning that an escalation in airstrikes is imminent, in response to Ukraine’s own drone swarms sent against Moscow and other Russian sites last month – especially the Starobelsk dormitory attack.

“In response to terrorist attacks by the Kyiv regime, the Russian Armed Forces launched a large-scale strike using long-range, high-precision air, land and sea-based weapons — including hypersonic aero-ballistic missiles and attack drones,” the Russian Defense Ministry (MoD) said in a statement. “The objectives of the strike were achieved. All designated targets were hit,” it added.

In the wake of these devastating overnight attacks, Ukraine is reporting that at least 18 people were killed and over 100 more wounded. The hours-long assault was clearly one of the biggest and deadliest of the last year or more.

Ukraine’s air force tallied that over 640 drones were sent and 73 missiles were fired on various cities, including Kyiv, and Dnipro, as well as several eastern cities, including Kharkiv and Zaporizhzhia. Ukraine claims it intercepted the majority of these, but still dozens of projectiles made it through to impact.

Kyiv Mayor Vitali Klitschko later confirmed that six people were killed in the Ukrainian capital and that at least 66 others, including two children, were wounded.

There was mayhem as people fled to shelters during the nighttime “mass enemy attack”. The mayor had warned while it unfolded: “Explosions in the city. Air defense forces are working! Stay in shelters!”

Central Ukraine’s Dnipropetrovsk region also saw high casualties, with at least 12 people killed and 36 others wounded. The regional governor reported that children were among the injured.

Moscow has not owned up to inflicting civilian casualties in the fresh overnight assault, but has instead framed this as part of its previewed “systematic and consistent strikes” on Ukraine’s military infrastructure.

President Putin and top military brass had last month said strikes would be initiated against “decision-making centers” in response to the dorm attack in the Russia’s Lugansk People’s Republic on May 22, which killed 21 people – mostly teenage girls – and injured 70 others.

Kremlin officials now say that Russian forces have “a right to dismantle any infrastructure that supports terrorism.”

Russian drones and missiles struck the Ukrainian capital Kyiv and other cities, killing at least 18 people and wounding more than 100, authorities said, following days of warnings about ‌Moscow’s plans for a major assault https://t.co/RZjbJYupmp pic.twitter.com/UY6FOwNne7

— Reuters (@Reuters) June 2, 2026

Despite this clear escalation, peace talks are nowhere on the horizon, also as the White House’s attention is currently fixated on the Iran war and Hormuz Strait crisis. Russia has in the meantime benefited from the Iran crisis, with sanctions relief on its oil exports from Washington, and elevated crude prices. 

President Trump is on a daily basis dealing with now largely stalemated back-and-forth diplomatic messaging with Tehran, and so the persistent Ukraine war seems to have taken a far back seat in terms of administration priorities.

Tencent shares jumped the most since late 2022 after an FT report that the Chinese company was testing a prototype AI agent for WeChat, China’s most widely used app for everything from messaging and social media to ride-hailing and payments, fueled optimism about the company’s artificial intelligence efforts. 

The Chinese internet giant plans to begin a compliance process for a public launch of the agent as soon as this month, the Financial Times reported, citing sources. After that, Tencent plans to test the agent on a small group of outside users before initiating a phased rollout, the newspaper said.

Shares of Tencent closed up 10.5%, its biggest jump since November 2022, with turnover at the highest in more than a year. The stock gave a boost to the Hang Seng Tech Index, which rose 4.7%.

Users will be able to access the chat box for the AI agent by swiping right on the main WeChat screen, according to a person who has seen an early demonstration. They can then enter instructions for the agent to automatically tap into WeChat’s millions of mini-apps, the bedrock of the app’s broad functionality, and complete tasks such as finding a café and ordering a drink based on certain flavor and price requirements.

A successful introduction of an AI agent for the popular WeChat service would mark a step forward for Tencent’s bid to catch up to rivals in the rapidly emerging technology. While Tencent has vowed to at least double investments in the field to more than 36 billion yuan ($5.3 billion) this year, it trails peers like ByteDance and Alibaba in both user adoption and advances in developing state-of-the-art large language models.

“Tencent has been a huge underperformer this year because market perceives it as an AI laggard,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “The AI agent, if successful, could change such a perception. Even though there’s very little detail right now, we know Tencent has a huge ecosystem to make it work.”

According to Citigroup, while the adoption of an AI agent in WeChat had been anticipated by the market, its earlier-than-expected timing likely prompted the positive share price reaction. 

Goldman’s Graham Ambrose cautions that it’s still not clear how this will evolve and the market is so far unconvinced on Tencent management’s explanation of their strategy to confront the challenge. 

• The infrastructure was upgraded in March
• The Hunyuan 3.0 foundation model powering the agent was launched in April
• A Developer Beta recently started
• The pilot launch is planned for June for Weixin users
• The broad roll-out is expected to be in Q3 (not confirmed by management yet) with full integration across the domestic Weixin app, including deep “AI Search” and “Agentic Pay” features.

The news sparked a major move higher in Chinese stocks: in addition to Tencent developments, a slew of positive drivers including Meituan’s earnings and upbeat delivery figures by electric vehicle makers supported the Hang Seng Tech Index. Other internet and e-commerce heavyweights such as Alibaba  and JD.com Inc. rose more than 6% as sentiment improved.

The rebound comes after the gauge, with its reliance on Chinese internet giants, has trailed the blistering surge in tech hardware-heavy benchmarks such as South Korea’s Kospi and Taiwan’s Taiex this year. 

Prosus NV, Tencent’s biggest shareholder, jumped as much as 11% on Tuesday in Amsterdam. Its parent company Naspers rose at a similar pace in Johannesburg trading. 

“Tencent’s move potentially shifts the China AI story from model development to real consumer distribution,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore. “It’s still too early to say, but if WeChat can integrate an AI agent into a platform with around 1.4 billion users, that gives investors a clearer path to usage, engagement and eventually monetization.” 

Bloomberg notes that even with Tuesday’s rebound, Tencent remains down about 20% for the year. Options suggest some investors are making bets on a further recovery after Tuesday’s rally, as China is about to get its own gamma squeeze. Trading of bullish options on Tencent surged to a record high, with more than 430,000 calls changing hands against 177,000 puts.

The four most-active contracts in Hong Kong were Tencent calls, and those with an exercise price 10% above Tuesday’s closing price led the pack. Meanwhile, the cost of hedging against declines in the next three months plunged to its lowest level in almost a year.

Summary:

• Washington has seen the Lebanon partial truce as opportunity enough to press forward on broader talks, with Trump saying he expects a broader Iran deal “over the next week”.
• But Fars denies this Tuesday: “exchange of messages between Iran & the US has been stopped for at least a few days” on MOU.
• In Lebanon, “While the ceasefire appears to be largely holding, there was further violence overnight,” reports BBC, with more dead & wounded on both sides.

*  *  *

Iran Denies Progress, Halt in Talks Still in Effect

State media has belatedly responded to Trump’s Monday claim that talks between the US and Iran are back on. Trump has even said Tuesday that he expects an agreement for an extended ceasefire to take place “over the next week” – along with the reopening of the Strait of Hormuz. 

“An informed source says that the exchange of messages between Iran and the US has been stopped for at least a few days for what is called the initial memorandum of understanding between Tehran and Washington,” Fars reports. So this is Iran in effect saying ‘not so fast’ – as it seeks to ‘hold the cards’ and maintain some leverage. Trump has not indicated a willingness to resume bombing the Islamic Republic, but his patience has seemed to be wearing thin over the last several days, as the White House is boxed in to only choosing among several ‘bad options’ in the wake of launching a war of choice 95 days ago.

Oil spikes on the negative news from Tehran, extends:

And more confirmation via newswires:

An Iranian source says there is currently no message exchange with the U.S., contradicting claims of ongoing progress. The source reports talks on an initial understanding have stalled for several days. It also noted Iran’s last communication with Washington concerned Lebanon and drew international attention, despite President Trump stating negotiations are advancing rapidly.

Latest on the Lebanon front:

“American sources for AI Hadath: Proposal for a 60-day plan during which Israel withdraws gradually from southern Lebanon”: AI Hadath reports.

• “Negotiations propose the deployment of the Lebanese army and UNIFIL in southern Lebanon after Israel’s withdrawal.”
• “Lebanon seeks to resolve Hezbollah’s weapons file politically, but after Israel’s complete withdrawal.”

Lebanon Fighting Persists Amid Nominal Ceasefire

Various regional and international reports have documented serious ongoing fighting in Lebanon, despite President Trump the day prior having declared that the shooting will cease and that Hezbollah and Israel were forging a limited ceasefire. Trump had said of both sides that “they agreed that all shooting will stop” – after Iran announcing it had suspended peace talks with the US over Israeli military action in Lebanon.

Israeli Prime Minister Benjamin Netanyahu did affirm he would adhere to the agreement, and reports say that planned new airstrikes on Beirut were called off, but he also warned the attacks on the capital would go ahead “if Hezbollah does not stop attacking our cities and civilians” – and that forces in the south would continue operating.

BBC has freshly written that “While the ceasefire appears to be largely holding, there was further violence overnight.” The same report details:

Hezbollah said its fighters had targeted Israeli tanks in the southern Lebanese towns of Haddatha and Bayada with missiles and shells. The Israeli military said it had intercepted two projectiles that had been fired from Lebanon in the early hours of Tuesday. No injuries have been reported.

Lebanon’s state-run National News Agency reported Israeli strikes on several southern areas and said a “very violent” explosion from a large-scale demolition rocked the town of Debbine.

Tuesday has witnessed some ongoing attacks on south Lebanon, as well as Hezbollah drone attacks on Israeli troop positions, wounding some. According to some of the latest from Al Jazeera:

Israeli forces have carried out multiple air raids on the city of Nabatieh, one of the largest in southern Lebanon, our colleagues on the ground report. The city, a strategic hub for Hezbollah, has been encircled by Israeli forces in recent days as troops continue pushing north.

Israeli attacks were also reported across the wider Nabatieh district as Israel deepens its occupation of surrounding areas. Drones hit the towns of Kafr Sir and Aabba, while a strike targeted the road leading to Houmine al-Fawqa. The outskirts of Yahmour al-Shaqif were also hit.

There’s also been a lot of explosions in the southern city of Tyre, with Israeli jets active in the airspace above on Tuesday. And rescuers have recovered six bodies from another town, with Lebanese civil defense agency having said in a statement: “Since yesterday evening and continuing until this morning … personnel have been carrying out search and rescue operations in a residential building that was targeted in the town of Marwaniyah – Sidon district.”

#WATCH: Israel conducts strikes over south Lebanon, Hezbollah fires into northern Israel after US @POTUS @realDonaldTrump announces agreement to halt attacks that neither side has publicly accepted https://t.co/vgbtbZ2sm8 pic.twitter.com/jx5O69Knfo

— Arab News (@arabnews) June 2, 2026

Hezbollah’s fiber-optic drone attacks have at the same time not ceased: “Two Israeli soldiers have been wounded in a Hezbollah drone attack in southern Lebanon, the military says, describing their injuries as minor,” Al Jazeera reports Tuesday. This is after “Two other Israeli soldiers were killed over the weekend, also in drone attacks, bringing to 26 the number of soldiers killed since fighting escalated three months ago. Four Israeli civilians have also been killed.”

Impact of Trump’s ‘Steamrolling’ Netanyahu in Monday Call

President Trump’s angry dressing down of Netanyahu may have had very limited effect, it appears. To review, per Axios during a Monday call Trump was reportedly heard cussing at the Israeli leader and essentially ‘steamrolled’ him – angry over breaking the Lebanon truce and demanding that Israel’s military not attack Beirut.

Trump is said to have told Netanyahu “you’re fucking crazy’” while demanding Lebanon truce: “I’m saving your ass,” he also reportedly said. Iran early Monday said it halted talks with Washington because of Israel’s escalation in Lebanon. 

There’s been some reaction from Iran to the Axios report, with Iran’s Deputy Foreign Minister Kazem Gharibabadi having remarked, “In this regard, the US president’s claim of having dissuaded Netanyahu from launching a major attack on Beirut is more than a sign of Washington’s peace-seeking, it’s confirmation of America’s direct role in managing the Zionist regime’s aggressions.”

How many times have they sold and resold this same story about Biden and now Trump being secretly VERY VERY mad at Netanyahu https://t.co/uGpSULbhhM

— Krystal Ball (@krystalball) June 1, 2026

The Iranian official continued to offer Tehran’s vew: “If the decision to attack the capital of an independent state can be changed with a single phone call the main question is: why did months of ceasefire violations, aggression against Lebanon, the displacement of its people, and threats to this country’s sovereignty – backed by Western political and military support – continue unabated?” he remarked.

Mark Levin rages over White House leaks of Trump-Netanyahu call…

Mark R. Levin, a close ally of both U.S. President Donald J. Trump and Israeli Prime Minister Benjamin Netanyahu, appears to confirm the veracity of the report earlier by Axios on today’s heated call between Trump and Netanyahu regarding peace negations with Iran as well as… pic.twitter.com/46qmYBJsJZ

— OSINTdefender (@sentdefender) June 2, 2026

Trump Returns to Optimism: Agreement ‘Over the Next Week’

But Washington has seen the Lebanon partial truce as opportunity enough to press forward on broader talks. While there’s hasn’t been full confirmation from Tehran’s side, Trump has declared the talks as back on:

US President Trump told ABC News he thinks he will have an agreement with Iran to extend the ceasefire and reopen the Strait of Hormuz over the next week, while he also stated that a peace agreement with Iran could be better than a military victory. Trump also stated that it’s not simple for both sides, but they’re getting what they need to get and that he still has to get a few more points.

The very same network points on Tuesday morning:

Israeli and Hezbollah forces continued their attacks on Tuesday despite President Donald Trump’s claim that the warring sides had “stopped shooting each other” after his intervention to prevent escalation on Monday.

Lebanon’s state-run news agency, NNA, reported three Israeli strikes in separate areas in southern Lebanon. One person was killed, NNA reported. ABC News has contacted the Israel Defense Forces to request comment.

So, once again Trump touting the likelihood of a deal to reopen Hormuz by next week seems extremely wishful and ambitious, to say the least. And we’ve heard all this before, and been here many times over the past 95 days of war.

President Trump said Tuesday that he is appointing Bill Pulte, the director of the Federal Housing Finance Agency and chairman of Fannie Mae and Freddie Mac, to serve as acting director of national intelligence after Tulsi Gabbard leaves the post.

Gabbard announced her resignation on May 22, citing her husband Abraham Williams’ recent diagnosis with a rare form of bone cancer. Her resignation is effective June 30, meaning Pulte’s appointment would mark a change from Trump’s earlier statement that Principal Deputy Director of National Intelligence Aaron Lukas would serve as acting intelligence chief after Gabbard’s departure.

Pulte is expected to continue leading the FHFA while serving as chairman of Fannie Mae and Freddie Mac, the government-sponsored mortgage companies that play a central role in the U.S. housing finance system. The arrangement would place a close Trump ally simultaneously near the center of federal housing finance and atop the U.S. Intelligence Community, which is made up of 18 organizations.

Pulte, 38, is the grandson of William J. Pulte, founder of PulteGroup, which describes itself as the nation’s third-largest homebuilder. Before entering government, the younger Pulte was known for private-equity work tied to housing and building products, as well as high-profile online philanthropy. He was sworn in as FHFA director on March 14, 2025, after Senate confirmation.

Since taking office, Pulte has turned the FHFA, historically a low-profile housing regulator, into a far more visible political force. His tenure has included board and leadership changes at Fannie Mae and Freddie Mac and public mortgage-fraud referrals involving several Trump critics, moves that have drawn scrutiny from Democrats and watchdogs.

The director of national intelligence position was created after the Sept. 11 attacks to improve coordination across the Intelligence Community. The DNI serves as the head of the U.S. Intelligence Community and as the principal intelligence adviser to the president, the National Security Council and the Homeland Security Council. The community includes the CIA, NSA, DIA, FBI intelligence branch and other military and civilian intelligence elements.

Unlike most past confirmed DNIs, Pulte is not known for a career in intelligence, diplomacy, military command or national-security policy. His selection on an acting basis would put a housing-finance official in charge of coordinating U.S. intelligence agencies during a period of personnel upheaval inside Trump’s national-security team.

Developing…

The Trump administration appears to be trying to inject new optimism across the nation’s farm belt following the China meeting last month, during which Beijing committed to making billions of dollars of new purchases of U.S. agricultural goods. The White House’s latest move is to reduce tariffs on tractors and combines, a policy shift aimed at easing cost pressures on farmers already squeezed by diesel, fertilizer, and machinery costs.

Late Monday, President Trump signed a proclamation slashing tariffs on imported agricultural equipment, including combines and harvesters, from 25% to 15% to lower costs for US farmers and manufacturers.

More color from the White House:

• The Proclamation adjusts the tariffs on agricultural equipment, like combines and harvesters, as well as certain other equipment, from 25% to 15%.  

• The Proclamation also expands the existing category of industrial equipment subject to a 15% tariff to include mobile industrial equipment, like bulldozers and forklifts, when imported from trade deal countries that are entitled to such treatment.

• The Proclamation encourages foreign companies to use more U.S. steel and aluminum by allowing them to qualify for a 10% duty rate, if their capital equipment include at least 85% U.S. melted and poured or smelted and cast steel or aluminum by weight.

• These tariff changes are temporary, lasting until December 31, 2027, to spur near–term investments that will rebuild the Nation’s industrial base.

The move is a clear attempt by the Trump administration to spur optimism across the nation’s farm belt following China’s commitments last month to purchase $17 billion annually in additional U.S. agricultural goods.

The latest reading of the US ag economy via the Purdue University/CME Group Ag Economy Barometer has been fading from a summer 2025 peak as trade wars and, now, the Gulf-related energy shock hurt farmers’ incomes.

Trump’s directive sent shares of the Japanese agricultural and industrial machinery company Kubota up 5% in Tokyo trading.

Efforts to boost farmer sentiment come ahead of the midterm election cycle, which is gearing up and is only 154 days away.